DE MAX: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DE MAX
Largest movements
- Tangible fixed assets +€667,105
up €667,105 (+447.2%), from €149,171 to €816,277
of which Land and buildings: +€670,532
- Receivables within one year +€44,643
up €44,643 (+30.3%), from €147,538 to €192,181
of which Other amounts receivable: +€45,253
- Debts after one year +€692,916
up €692,916 (+1937.6%), from €35,761 to €728,677
- Current portion of long-term debt +€24,666
up €24,666 (+188.7%), from €13,072 to €37,738
- Reserves +€13,264
up €13,264 (+6.5%), from €203,597 to €216,861
of which Distributable reserves: +€13,264
- Gross operating margin +€35,127
up €35,127 (+59.7%), from €58,820 to €93,947
- Staff costs +€16,931
up €16,931 (+205.5%), from €8,238 to €25,169
- Depreciation +€16,751
up €16,751 (+103.8%), from €16,144 to €32,895
- Financial charges +€7,571
up €7,571 (+178.9%), from €4,231 to €11,803
- Taxes +€4,333
up €4,333 (+307.5%), from €1,409 to €5,742
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €299,070 | €1,014,147 | +€715,077 | +239.1% |
| Fixed assets | 21/28 | €149,471 | €816,577 | +€667,105 | +446.3% |
| Tangible fixed assets | 22/27 | €149,171 | €816,277 | +€667,105 | +447.2% |
| Land and buildings | 22 | €141,063 | €811,595 | +€670,532 | +475.3% |
| Plant, machinery and equipment | 23 | €7,255 | €4,127 | -€3,128 | -43.1% |
| Furniture and vehicles | 24 | €853 | €555 | -€299 | -35.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €149,598 | €197,570 | +€47,972 | +32.1% |
| Amounts receivable within one year | 40/41 | €147,538 | €192,181 | +€44,643 | +30.3% |
| Trade receivables | 40 | €4,060 | €3,451 | -€609 | -15.0% |
| Other amounts receivable | 41 | €143,478 | €188,730 | +€45,253 | +31.5% |
| Cash at bank and in hand | 54/58 | €2,060 | €5,389 | +€3,329 | +161.6% |
| Total equity and liabilities | 10/49 | €299,070 | €1,014,147 | +€715,077 | +239.1% |
| Equity | 10/15 | €223,597 | €236,861 | +€13,264 | +5.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €203,597 | €216,861 | +€13,264 | +6.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €201,597 | €214,861 | +€13,264 | +6.6% |
| Amounts payable | 17/49 | €75,473 | €777,286 | +€701,813 | +929.9% |
| Amounts payable after more than one year | 17 | €35,761 | €728,677 | +€692,916 | +1937.6% |
| Financial debts | 170/4 | €35,761 | €728,677 | +€692,916 | +1937.6% |
| Amounts payable within one year | 42/48 | €39,712 | €48,609 | +€8,897 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €13,072 | €37,738 | +€24,666 | +188.7% |
| Trade debts | 44 | €8,662 | €3,397 | -€5,266 | -60.8% |
| Suppliers | 440/4 | €8,662 | €3,397 | -€5,266 | -60.8% |
| Advances received on contracts in progress | 46 | €1,025 | €0 | -€1,025 | -100.0% |
| Taxes, remuneration and social security | 45 | €16,683 | €7,474 | -€9,208 | -55.2% |
| Taxes | 450/3 | €15,779 | €5,742 | -€10,038 | -63.6% |
| Remuneration and social security | 454/9 | €903 | €1,733 | +€830 | +91.9% |
| Other amounts payable | 47/48 | €270 | €0 | -€270 | -100.0% |
| Remuneration, social security and pensions | 62 | €8,238 | €25,169 | +€16,931 | +205.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,144 | €32,895 | +€16,751 | +103.8% |
| Other operating charges | 640/8 | €6,164 | €5,499 | -€666 | -10.8% |
| Gross operating margin | 9900 | €58,820 | €93,947 | +€35,127 | +59.7% |
| Operating profit (loss) | 9901 | €28,275 | €30,386 | +€2,111 | +7.5% |
| Financial income | 75/76B | €2 | €423 | +€421 | +26655.7% |
| Recurring financial income | 75 | €2 | €423 | +€421 | +26655.7% |
| Financial charges | 65/66B | €4,231 | €11,803 | +€7,571 | +178.9% |
| Recurring financial charges | 65 | €4,231 | €11,803 | +€7,571 | +178.9% |
| Profit (loss) for the period before taxes | 9903 | €24,045 | €19,006 | -€5,039 | -21.0% |
| Income taxes | 67/77 | €1,409 | €5,742 | +€4,333 | +307.5% |
| Profit (loss) for the period | 9904 | €22,636 | €13,264 | -€9,372 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,636 | €13,264 | -€9,372 | -41.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.